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Business Plan

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! #! MISSION STATEMENT

Short term aims 1 to 2 years

Long term objectives 2 to 5 years

Customers

Products and Services

USP’s (Unique Selling Points) BUSINESS IDEA

Please provide a concise description of your Business Idea identifying clearly the product or service you plan to supply.

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! $! What legal structure will your business be and why

Sole Trader/Partnership/Limited Company/ Other: Why have u chosen this?

Business Name - What have you done to check that this name is not already being used?

Legal Requirements – What steps have you taken to ensure that the business is legally compliant and are protected?

Registered with Government Obtained Public Liability insurance Obtained other necessary insurance Lease agreement checked by solicitor Correct licenses obtained

Investigated Copyright protection Will you register for VAT

BUSINESS PREMISES

Where will your business be based?

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! %! MARKET RESEARCH

Please describe your understanding of your target market, how you researched it and with what results. You should pay particular attention to your target customers, who they are and why they buy the product or service, which you are offering. You should also explain your understanding of the competition you will face in the market.

What customer research have you done and with what results?

Who are your target customers?

Who are your main competitors?

Why will they buy from you, for example, what is your unique selling point?

Location – e.g. What passing trade is there?

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! &! SWOT ANALYSIS

Please analyze your own business’s Strengths and Weaknesses and then your Opportunities and Threats. Doing a good SWOT analysis allows you to maximize your strengths and take available opportunities in order to meet the needs of particular customers – compared to your competitors. It also allows you to develop ways of overcoming any weaknesses and being prepared for any threats.

What are your STRENGTHS?

What are your WEAKNESSES?

What OPPORTUNITIES are open to you?

What THREATS are you possibly faced with?

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! '! MARKETING, ADVERTISING AND PROMOTION

What actions will you take to raise awareness of your product or service? What methods will you use to advertise and promote your product or service, how often will you use these and what will it cost in total for the first year of your business.

Method Frequency Cost Total Cost

PRICING POLICY

Have you considered what you will charge for your competitors are doing in the market? What are you worth and what do you want to earn from your activities? Remember that to compete on price and being cheaper than competitors is not a recipe for long-term success – be COMPETITIVE not cheap! Focus on QUALITY and SERVICE.

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! (! START UP COSTS

Business equipment

Using the table below, list all items of equipment, machinery, vehicles etc. that you need to operate your business, plus your assessment of the value of each item. Enter the assessed values in the “Owned” column if you already have the item but in the “Required” column if you still have to purchase the item.

Item of Equipment Owned ($) Required ($)

Total Value c/f Other Start Up Costs

In the table below list all items on which you must spend before you can start to trade. If you have already spent money on some items, enter the amount in the “Owned” column. Please note that your entries for “Equipment” should match the value totals of the equipment column in the section from ‘Marketing, Advertising and Promotion’ on page 6.

Owned ($) Required ($)

Equipment total b/f Rent & Rates

Marketing & Promotional costs Insurances

Telephone & Post Travel Costs

Legal & accountancy fees

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! )! SOURCES OF START UP COSTS

The total in the “Required” column shows the total fund required to finance the start up of your business. In the table below show clearly from where you plan to access the required funds.

Source Amount

Own Capital (cash provided by you) Bank Loan

Bank Overdraft Facility Grants

Other

PERSONAL SURVIVAL BUDGET – PERSONAL OUTGOINGS

List below your monthly personal expenses, which you will need to earn from the business to maintain a reasonable standard of living.

Outgoings Monthly Amount

Domestic Rent / Mortgage Rates

Utilities: Gas, Electricity, Fuel Water

Income Tax Nat Insurance Toiletries

Domestic Telephone Food & Entertainment Clothes

Travel Costs / Vehicle Costs Loan Repayments

Insurance / Pension Credit Cards

Loans

Other expenses e.g. childcare

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! *! PERSONAL SURVIVAL BUDGET – PERSONAL INCOMINGS

Incomings Amount Monthly

Earned Income Income Support Job Seekers Family Credit Other Benefits Housing Benefit Other Income

Total Income per month =

Now subtract our total income from our Outgoings and work out spare cash per month

Spare Cash = Total Outgoings per month =

BUSINESS OVERHEADS

Indicate below your best estimate of the business costs you anticipate that do not fit naturally in the listed rows and place these in the rows at the bottom of the template.

Anticipated Costs Amount Payable Payable Monthly

Employee Wages

Rent/Rates & Water Rates Light/Power/Heating Vehicle Running Costs

Other Travel and Entertainment Stationary & Postage

Printing

Advertising/Promotion Telephone

Hire of Equipment Repairs & Renewals Maintenance Insurances Professional Fees Bank Charges Loan Interest Consumables Sundry Expenses Other

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! "+! CASH FLOW – SALES PROJECTION

Using all the financial information you have gathered, complete the Cash Flow Projection.

Have you considered what level of sales you might achieve in your first year of trading and what gross sales income these might generate.

Month Details Amount

Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Total

Figure

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References

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